Price of gasoline spends weekend moving lower

Cecilia Nysing

The average price for a gallon of gasoline slipped again on Sunday remaining below the $5 threshold for a second day.

Gas reached $5 a gallon a week ago.

The price declined by a fraction to $4.983, according to AAA. The price on Saturday fell below the $5 threshold at $4.989. 

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Diesel continues its record run now at $5.816 up from $5.811.

Gas prices Courtesy: AAA (AAA)

Oil prices tumbled about 6% to a four-week low on Friday on concerns demand will slump as interest rate hikes by central banks will slow the economy.

The price of U.S. West Texas Intermediate (WTI) crude fell $8.03 to settle at $109.56.

EXXONMOBIL HITS BACK AFTER BIDEN THREATENS ENERGY PRODUCERS

It was the first weekly drop for U.S. crude in eight weeks.

S&P Global Vice Chairman Daniel Yergin warns gas prices could continue to rise as China reopens its economy following weeks of COVID shutdowns.

Pumping gas (iStock / iStock)

President Biden has been facing a flood of criticism lately for a lack of executive action aimed at curbing inflation. On higher gas prices, the president has pivoted between blaming Russian President Vladimir Putin for his invasion of Ukraine and oil company’s profit motives. 

ExxonMobil fired back at Biden after he threatened them with “emergency powers” if they don’t boost supply to temper surging gas prices. 

WHITE HOUSE CONSIDERING SENDING GAS REBATE CARDS TO AMERICANS: REPORT

In a statement released Wednesday from the company, ExxonMobil said it has been in regular contact with the administration providing updates on how it has been investing “more than any other company to develop U.S. oil and gas supplies.” 

Gas prices are seen on an Exxon Mobil gas station sign. in Houston, Texas.  (Brandon Bell/Getty Images / Getty Images)

GAS PRICES HIT $5 NATIONWIDE FOR FIRST TIME IN OVER 2 DECADES

The White House is reportedly floating the idea of gas rebates for U.S. residents due to record gas prices.

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A White House official told FOX Business that the administration has not ruled out the distribution of gas rebate cards. The cards would hypothetically subsidize the price of gas for Americans – many of whom are struggling to make ends meet with fuel now priced at the level of a luxury good.

FOX Business’ Bradford Betz, Edward Lawrence and Timothy Nerozzi contributed to this report.

https://www.foxbusiness.com/markets/regular-gas-price-slips-below-milestone-diesel-rises

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